All Forum Posts by: Christian Valencia

@Jeff Hudak agree! We walked away from that deal and looking back I’m glad we did. :)

@Jack Bailin agree! We were considering risking submitting a variance, but we’ve heard cases where zoning doesn’t approve, which in our case made a big portion of the property useless. Hope it works out for you though!

Hi Ray, congrats on taking your first step! My wife and I are one week away from closing on our first duplex. Our biggest learning during our search was to confirm that zoning approves the use of the property. Two months ago we were one week away from closing on a three family property, but the deal fell through. Our agent and seller showed us the tax and field card that indicated it was a three family home. However, the zoning department confirmed the 3rd unit was illegal and zoning only allowed it to function as a two family. It was a HUGE let down because we've already invested in appraisal, inspection, municipal & title search, legal fees etc. We ended up losing about $3k, but at least we didn't buy a long term headache. Zoning dept. is backed up because of COVID and it took us about 5 - 7 weeks to get the Certificate of Zoning Compliance, which is why we pulled out of the deal so late (thankfully we added a COZC contingency). Make sure you always ask for permits that support what the property is being advertised as - don't take your agents word as I did. Do your own due diligence and always ask for evidence that supports the zoning ( a certificate of occupancy or a certificate of zoning compliance). Good luck!

Greetings Stamford BP community, my wife and I are closing on our first duplex in a few weeks. Can anyone recommend a CPA / Tax Advisor that's experienced in multis and condos?

Thanks!

- Christian  

@Mat O'Grady maximize deductions, write off improvements

@Mat O'Grady thanks for the reply! We're house hacking for 3 - 5 years and will eventually rent out both units for long term. 

My wife and I are closing on an owner occupied duplex later this month - tenant is already in unit B. The home is in great shape, but bathroom and kitchen are outdated. We want to maximize deductions and are looking for deduction loop holes. We're considering the below:

1) We'll live in unit A, and renovate unit B. Once tenant moves out, we'll move into unit B, and we'll renovate unit A for next tenant.

2) Purchase property under an LLC and LLC will create lease. We'll live in unit A and tenant lives in unit B. Unit A & B will pay LLC.

I'm not sure if any of these will work. Happy to hear your POV's and am all ears for any other out of the box ideas.

Thanks everyone!

- Christian

My wife and I are closing on an owner occupied duplex later this month - tenant is already in unit B. The home is in great shape, but bathroom and kitchen are outdated. We want to maximize deductions and are looking for deduction loop holes. We're considering the below:

1) We'll live in unit A, and renovate unit B. Once tenant moves out, we'll move into unit B, and we'll renovate unit A for next tenant.

2) Purchase property under an LLC and LLC will create lease. We'll live in unit A and tenant lives in unit B. Unit A & B will pay LLC.

I'm not sure if any of these will work. Happy to hear your POV's and am all ears for any other out of the box ideas.

Thanks everyone!

- Christian

My wife and I are closing on an owner occupied duplex later this month - tenant is already in unit B. The home is in great shape, but bathroom and kitchen are outdated. We want to maximize deductions and are looking for deduction loop holes. We're considering the below: 

1) We'll live in unit A, and renovate unit B. Once tenant moves out, we'll move into unit B, and we'll renovate unit A for next tenant. 

2) Purchase property under an LLC and LLC will create lease. We'll live in unit A and tenant lives in unit B. Unit A & B will pay LLC.

I'm not sure if any of these will work. Happy to hear your POV's and am all ears for any other out of the box ideas. 

Thanks everyone!

- Christian

@Charles Carillo thanks for prompt reply! The only update the city has provided was that there are no open permits. BTW we're still waiting on the Municipal Search ( should come in this week). 

Home was built in 1880's. So, hopefully there's some grandfathered laws. Our inspector said that it was possibly a garage that was converted to a livable unit...there's a kitchen, brand new electrical panel, bathroom etc. During our inspection, we found that the cottage had no foundation. Which they added in a couple of weeks ago per our request.

What happens if I buy it and the city turns back and says "actually, it's not legal" after we already bought it? Can the seller risk a lawsuit? I'd obviously want to avoid this, but I'm surprised that anyone would be allowed to market/sell something that is not entirely true...